XML 61 R51.htm IDEA: XBRL DOCUMENT
v3.23.2

Revenues from Contracts with Customers (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Revenue from Contract with Customer [Abstract] |
Schedule of Total Revenues Broken Out by Revenues from Contracts with Customers and Other Sources of Revenues | The following table presents the Company’s total revenues broken out by revenues from contracts with customers and other sources of revenue for the three and six months ended June 30, 2023 and 2022 (in thousands):
|  | Three Months Ended June 30, |
|  | 2023 |  |  | 2022 |
Revenues from contracts with customers: |  |  |  |  |  |
Commissions |  | $ | 165,358 |  |  | $ | 186,681 |
Investment banking |  |  | 166,825 |  |  |  | 271,075 |
Asset management |  |  | 320,264 |  |  |  | 331,264 |
Other |  |  | 1,380 |  |  |  | 1,533 |
Total revenue from contracts with customers |  |  | 653,827 |  |  |  | 790,553 |
Other sources of revenue: |  |  |  |  |  |
Interest |  |  | 482,770 |  |  |  | 212,754 |
Principal transactions |  |  | 105,700 |  |  |  | 125,603 |
Other |  |  | (486 | ) |  |  | (3,450 | )
Total revenues |  | $ | 1,241,811 |  |  | $ | 1,125,460 |
|  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |
Revenues from contracts with customers: |  |  |  |  |  |
Commissions |  | $ | 334,908 |  |  | $ | 382,590 |
Investment banking |  |  | 378,704 |  |  |  | 525,921 |
Asset management |  |  | 635,833 |  |  |  | 672,900 |
Other |  |  | 2,607 |  |  |  | 3,708 |
Total revenue from contracts with customers |  |  | 1,352,052 |  |  |  | 1,585,119 |
Other sources of revenue: |  |  |  |  |  |
Interest |  |  | 934,334 |  |  |  | 378,189 |
Principal transactions |  |  | 221,222 |  |  |  | 284,873 |
Other |  |  | (4,006 | ) |  |  | 3,263 |
Total revenues |  | $ | 2,503,602 |  |  | $ | 2,251,444 |
Revenues from Contracts with Customers Disaggregated by Major Business Activity and Primary Geographic Regions | The following tables present the Company’s revenues from contracts with customers by reportable segment disaggregated by major business activity and primary geographic regions for the three and six months ended June 30, 2023 and 2022 (in thousands):
|  | Three Months Ended June 30, 2023 (1) |
|  | Global Wealth Management |  |  | Institutional Group |  |  | Other |  |  | Total |
Major Business Activity: |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 109,836 |  |  | $ | 55,522 |  |  | $ | — |  |  | $ | 165,358 |
Capital raising |  |  | 4,065 |  |  |  | 74,886 |  |  |  | — |  |  |  | 78,951 |
Advisory |  |  | — |  |  |  | 86,595 |  |  |  | 1,279 |  |  |  | 87,874 |
Investment banking |  |  | 4,065 |  |  |  | 161,481 |  |  |  | 1,279 |  |  |  | 166,825 |
Asset management |  |  | 320,238 |  |  |  | 26 |  |  |  | — |  |  |  | 320,264 |
Other |  |  | 1,318 |  |  |  | — |  |  |  | 62 |  |  |  | 1,380 |
Total |  |  | 435,457 |  |  |  | 217,029 |  |  |  | 1,341 |  |  |  | 653,827 |
Primary Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 435,457 |  |  |  | 141,104 |  |  |  | 1,341 |  |  |  | 577,902 |
United Kingdom |  |  | — |  |  |  | 45,221 |  |  |  | — |  |  |  | 45,221 |
Canada |  |  | — |  |  |  | 7,614 |  |  |  | — |  |  |  | 7,614 |
Other |  |  | — |  |  |  | 23,090 |  |  |  | — |  |  |  | 23,090 |
|  | $ | 435,457 |  |  | $ | 217,029 |  |  | $ | 1,341 |  |  | $ | 653,827 |
(1) Excludes revenues not derived from contracts with customers included in the Other segment.
|  | Three Months Ended June 30, 2022 (1) |
|  | Global Wealth Management |  |  | Institutional Group |  |  | Other |  |  | Total |
Major Business Activity: |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 122,004 |  |  | $ | 64,677 |  |  | $ | — |  |  | $ | 186,681 |
Capital raising |  |  | 5,056 |  |  |  | 66,463 |  |  |  | — |  |  |  | 71,519 |
Advisory |  |  | — |  |  |  | 199,556 |  |  |  | — |  |  |  | 199,556 |
Investment banking |  |  | 5,056 |  |  |  | 266,019 |  |  |  | — |  |  |  | 271,075 |
Asset management |  |  | 331,243 |  |  |  | 21 |  |  |  | — |  |  |  | 331,264 |
Other |  |  | 1,472 |  |  |  | — |  |  |  | 61 |  |  |  | 1,533 |
Total |  |  | 459,775 |  |  |  | 330,717 |  |  |  | 61 |  |  |  | 790,553 |
Primary Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 459,775 |  |  |  | 277,475 |  |  |  | 61 |  |  |  | 737,311 |
United Kingdom |  |  | — |  |  |  | 37,047 |  |  |  | — |  |  |  | 37,047 |
Canada |  |  | — |  |  |  | 7,782 |  |  |  | — |  |  |  | 7,782 |
Other |  |  | — |  |  |  | 8,413 |  |  |  | — |  |  |  | 8,413 |
|  | $ | 459,775 |  |  | $ | 330,717 |  |  | $ | 61 |  |  | $ | 790,553 |
|  | Six Months Ended June 30, 2023 (1) |
|  | Global Wealth Management |  |  | Institutional Group |  |  | Other |  |  | Total |
Major business activity: |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 220,027 |  |  | $ | 114,881 |  |  | $ | — |  |  | $ | 334,908 |
Capital raising |  |  | 8,223 |  |  |  | 131,544 |  |  |  | — |  |  |  | 139,767 |
Advisory |  |  | — |  |  |  | 237,658 |  |  |  | 1,279 |  |  |  | 238,937 |
Investment banking |  |  | 8,223 |  |  |  | 369,202 |  |  |  | 1,279 |  |  |  | 378,704 |
Asset management |  |  | 635,775 |  |  |  | 58 |  |  |  | — |  |  |  | 635,833 |
Other |  |  | 2,502 |  |  |  | — |  |  |  | 105 |  |  |  | 2,607 |
Total |  |  | 866,527 |  |  |  | 484,141 |  |  |  | 1,384 |  |  |  | 1,352,052 |
Primary Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 866,527 |  |  |  | 351,981 |  |  |  | 1,384 |  |  |  | 1,219,892 |
United Kingdom |  |  | — |  |  |  | 68,604 |  |  |  | — |  |  |  | 68,604 |
Canada |  |  | — |  |  |  | 30,137 |  |  |  | — |  |  |  | 30,137 |
Other |  |  | — |  |  |  | 33,419 |  |  |  | — |  |  |  | 33,419 |
|  | $ | 866,527 |  |  | $ | 484,141 |  |  | $ | 1,384 |  |  | $ | 1,352,052 |
|  | Six Months Ended June 30, 2022 (1) |
|  | Global Wealth Management |  |  | Institutional Group |  |  | Other |  |  | Total |
Major business activity: |  |  |  |  |  |  |  |  |  |  |  |
Commissions |  | $ | 252,780 |  |  | $ | 129,810 |  |  | $ | — |  |  | $ | 382,590 |
Capital raising |  |  | 10,203 |  |  |  | 134,766 |  |  |  | — |  |  |  | 144,969 |
Advisory |  |  | — |  |  |  | 380,952 |  |  |  | — |  |  |  | 380,952 |
Investment banking |  |  | 10,203 |  |  |  | 515,718 |  |  |  | — |  |  |  | 525,921 |
Asset management |  |  | 672,856 |  |  |  | 44 |  |  |  | — |  |  |  | 672,900 |
Other |  |  | 3,594 |  |  |  | — |  |  |  | 114 |  |  |  | 3,708 |
Total |  |  | 939,433 |  |  |  | 645,572 |  |  |  | 114 |  |  |  | 1,585,119 |
Primary Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 939,433 |  |  |  | 540,061 |  |  |  | 114 |  |  |  | 1,479,608 |
United Kingdom |  |  | — |  |  |  | 71,355 |  |  |  | — |  |  |  | 71,355 |
Canada |  |  | — |  |  |  | 17,123 |  |  |  | — |  |  |  | 17,123 |
Other |  |  | — |  |  |  | 17,033 |  |  |  | — |  |  |  | 17,033 |
|  | $ | 939,433 |  |  | $ | 645,572 |  |  | $ | 114 |  |  | $ | 1,585,119 |
(1) Excludes revenues not derived from contracts with customers included in the Other segment.

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue by reporting categories or types of financial instruments, including derivatives but excluding dividends and interests, from trading for own account by broker dealers. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481961/940-320-45-5 + Details
Name: | us-gaap_ScheduleOfPrincipalTransactionsRevenueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration